STOCKS | Constellation Energy Beats Q3 Earnings Estimates, Raises Guidance and Expands Nuclear Deals With Amazon and Google

On November 9, U.S. nuclear power and electricity producer Constellation Energy reported third-quarter results. According to Sina Finance, adjusted earnings per share rose to $5.06 from $3.04 a year earlier, beating analysts’ estimate of $3.89; revenue increased 45.4% to $9.55 billion, above the $9.35 billion estimate, and net income rose to $1.84 billion from $930 million. The shares gained more than 4% at one point in premarket trading. Constellation raised its full-year 2026 guidance for adjusted operating earnings per share to $12.50-$12.80, putting the midpoint at $12.65, above analysts’ estimate of $12.22. It was the company’s second increase to the midpoint of its full-year guidance range this year. The company said higher third-quarter earnings were driven mainly by favorable power-market conditions, portfolio performance and contributions from its acquisition of Calpine in January, partly offset by higher interest expenses. Constellation signed a 20-year power purchase agreement with Amazon covering 690 megawatts. The agreement will support more than $3 billion in investment in the Calvert Cliffs nuclear power plant, including a planned 190-megawatt capacity addition from 2030 to 2032. It also reached a 20-year agreement with Google and plans to invest more than $4.3 billion in its 11 nuclear reactors, adding about 890 megawatts of capacity; the first expansion capacity is expected to enter service in 2028. The company also signed its first Peak+ long-term power supply agreement, under which it will use existing nuclear facilities to provide customers with 270 megawatts of power starting in 2028. Constellation also reached a conditional agreement with the U.S. Department of Energy for up to $5 billion in loan guarantees to support nuclear plant output-increase projects. Separately, it agreed to acquire a 609-megawatt natural gas power plant in Rhode Island from Shell Energy North America for $715 million, subject to regulatory approval. Third-quarter nuclear generation totaled 46.677 billion kilowatt-hours, compared with 46.477 billion a year earlier. Excluding the Salem and South Texas Project nuclear plants, utilization at its nuclear facilities rose to 97.2% from 96.8% a year earlier.